IperionX Limited completed the final tranche of its $47.1 million award from the U.S. Department of War’s Industrial Base Analysis and Sustainment (IBAS) program, bringing the total non‑dilutive funding to its Virginia titanium manufacturing campus to $47.1 million. The final $4.6 million tranche was obligated on January 16, 2026, and the company also received a no‑cost transfer of roughly 290 metric tons (about 320 short tons) of high‑quality Ti‑6Al‑4V alloy scrap.
The funding package, which has been disbursed in earlier tranches of $12.5 million in August 2025 and $25 million in September 2025, provides the capital needed for long‑lead equipment purchases and the scaling of production facilities. Because the money is non‑dilutive, it preserves shareholder equity while giving IperionX the financial flexibility to accelerate its expansion plans.
The 290‑metric‑ton scrap transfer is equivalent to about 1.5 years of feedstock for the company’s current 200 tpa operating capacity. Combined with the 90 metric tons already in inventory, the new material gives IperionX a robust raw‑material base that reduces dependence on external suppliers and mitigates supply‑chain risk. The scrap also supports the company’s goal of reaching 1,400 tpa by 2027.
IperionX’s technology—hydrogen‑assisted metallothermic reduction and hydrogen sintering—enables lower energy consumption and reduced unit costs. The company has projected a drop in unit cost from $55 per kilogram to $29 per kilogram at full scale, a key driver for achieving competitive pricing in the defense and aerospace markets.
The combined funding and scrap receipt marks a strategic milestone in the U.S. government’s effort to strengthen domestic titanium production. By securing a large, low‑cost feedstock supply and the capital to scale, IperionX is positioned to deliver commercial titanium powder and support the Titan Project, the country’s largest JORC‑compliant titanium, rare‑earth, and zircon mineral‑sand resource. The event reinforces the company’s role in the domestic supply chain and supports its long‑term growth trajectory.
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